One of Australia’s best-known builders has declared insolvency and is set to go into administration.
Grocon Group has delivered several iconic developments in recent decades, including Melbourne’s casino, Eureka Tower and the Rialto Towers.
On Friday after speculation it was in trouble, the company announced it was putting the group’s legacy construction companies into administration.
The ABC understands numerous creditors are owed tens of millions of dollars, including subcontractors who have hired tradespeople to work on the developer’s projects.
In a statement, Grocon chief executive Daniel Grollo said creditors would be “first in line to be compensated”.
“My desire is to pay the creditors in full,” he said.
Read the full article at: https://www.abc.net.au/news/2020-11-19/grocon-questions-over-delayed-building-site/12901648